Zabo, a cryptocurrency data aggregator, has announced in a blog post that the company would join the largest American digital asset exchange Coinbase via an acquisition by the latter.
The pair co-founders of Zabo Christopher Brown and Alex Treece stated, “We are very excited to join Coinbase, which has done more than perhaps any other company in advancing the mission of bringing cryptocurrency mainstream.”
The Cryptocurrency Startup Zabo Will Be a Part of Coinbase
The executives at Zabo, the deal should be closed in a matter of weeks.
However, the terms of the deal and the amount paid have not been unrevealed.
Also, they added that working side-by-side with the trading venue would bring benefits for many people dealing with virtual currencies because of the necessary financial freedom.
“We look forward to working as part of Coinbase to increase economic freedom for billions of people.”
Founded in 2018 in Dallas, Texas, Zabo is an application programming interface (API) platform.
In addition to connecting to any digital asset exchange, wallet, account, or protocol, cryptocurrency users also can share data, including balances, deposit addresses, and transaction histories.
Coinbase is a Public Company
The American giant cryptocurrency asset exchange Coinbase has become the first major trading venue to have its shares publicly traded.
The official website of Nasdaq reported COIN shares’ opening price was $381. At that time, the market valuation was around $100 billion. The exchange also announced its plan to raise $1.25 billion to speed up its growth after its share price started falling.
According to the exchange, not only will it be private, but the offering also will be available for institutional investors who comply with Rule 144A promulgated under the Securities Act of 1933.
As such, only those managing at least $100 million in securities issued by other companies can participate.
Coinbase continues expanding. In April, the exchange made a deal to acquire Skew, a popular analytics company providing various data about the cryptocurrency market.